• April 25th, 2019
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Standard Bank’s appetite for mining remains strong

Business & Finance
Business & Finance

Staff Reporter Windhoek-As the 2018 Mining Expo kicks off this week, Standard Bank has renewed its commitment to support and partner with the local mining industry. This year the expo is being held under the theme “Maximising the multiplier effect from Namibia’s mining sector”, which aligns with the Bank’s goals to frame its products to ensure that the country has more bankable projects that can take the country to new economic heights. “As a global leader in commodity-related financial services, Standard Bank understands that mining companies require considerable amounts of financing for their large-scale mining projects. As such we are ready to finance large-scale mining projects,” Standard Bank’s Head of Client Coverage Adri Spangenberg said in light of the Mining Expo and Conference this week. He explained that the Bank’s eminence talks to financing power and infrastructure, mining and metals, oil and gas, and other key sectors and as the world looks to emerging markets to power growth, Namibia is taking its rightful place at the heart of this.  Standard Bank is confident that the mining sector promises positive growth opportunities for the country, despite a downturn in the global mining industry. Mining prospects look bright for Namibia as the country is currently the world’s fourth largest producer of uranium through the commencement of the Husab mine production.  “One of the recent highlights at the Bank has been that we co-financed the country’s largest photovoltaic (PV) solar plant which is scheduled to commence operations in September 2018. Standard Bank partnered with Proparco, a subsidiary of Agence Française de Development, to secure US$50 million for the PV solar plant. With an investment forecast of US$70 million, the plant will be the largest in sub-Saharan Africa,” Spangenberg pointed out.  The plant which will be situated at Mariental will contribute 3% to the country’s energy needs and reduce the country’s energy dependency from the southern African pool by 5%. Alten Africa is constructing the 45MW plant and has a 51% stake in the investment vehicle, in which NamPower has 19%, while Mangrove and Talyeni have 30%. The Bank also co-financed Debmarine Namibia’s latest sampling and exploration vessel. According to Spangenberg, this funding facility amounted to approximately N$1.8 billion. “Although cautious, our appetite for mining projects is quite strong. Standard Bank has a rich pedigree in the mining industry and is well-versed in serving the mining sector in Africa,” Spangenberg stressed.  He reiterated that the Bank is well positioned to realise significant opportunities in Namibia’s mining and has a strong capability in power and infrastructure and draws on experienced sector teams to ensure that they meet the needs of all their clients across all key sectors. “Because of our history as a mining bank and our enduring expertise in this sector, we work to understand our clients’ individual requirements. Like many large investment banks, we work with government, corporates and financial clients in multiple sectors and geographies. Unlike most, we are first and foremost Namibian. We have a long, proud history that gives us unique depth of expertise and breadth of footprint. Our track record shows our success in building businesses across Namibia, especially in the natural resources, mining, power and infrastructure sectors,” he concluded. The 2018 Mining Expo hosted by the Chamber of Mines will take place on April 25 and 26 at the Windhoek Show Grounds.
New Era Reporter
2018-04-24 09:45:27 1 years ago

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